Lockheed Martin Bumps Up Sales in Q1 2017

Lockheed Martin Space Systems Advanced Technology Center (ATC). Photo: Lockheed Martin.

Lockheed Martin reported an uptick in net sales for the first quarter of 2017, due largely to increased earnings from United Launch Alliance (ULA), Lockheed Martin’s joint venture with Boeing.

The company’s space systems segment in particular increased net sales 11 percent from the same period in 2016 to $230 million. The segment’s operating profit in the first quarter increased $44 million, or 18 percent, compared to the same period in 2016. Total equity earnings in space systems represented about $80 million, or 28 percent, of the segment’s operating profit in the first quarter.

Total first quarter 2017 net sales came in at $11.1 billion, compared to $10.4 billion in the first quarter of 2017. Net earnings from continuing operations in the first quarter of 2017 were $763 million, or $2.61 per share, compared to $806 million, or $2.61 per share, in the first quarter of 2016.